Something Big going down tonight...financials

Masomnia

StevieJ wrote: »

Sounds like someone on the wrong side of a trade and trying desperately to spook the market.

Hehe maybe 'Jim' is Jim Rogers?

Generali

Many times each day money market trades don't get repaid. Normally it's because the trade was booked to the wrong counterparty so the cash goes back to the wrong place.

I've seen penalties of $100,000s applied because of silly clerical errors. It just happens and always will.

purch

Normally it's because the trade was booked to the wrong counterparty so the cash goes back to the wrong place

Yep....once some numpty (;)) booked a T/N Swap as Bank of America Frankfurt, instead of Bk of America Paris, and DEM 350,000,000 got paid to Commerzbank Fft instead of Dresdner Fft :eek:

Good job the Intergoogle hadn't been 'invented' back then, or the twitterer's would have been gossiping that a certain Bank with the address 1 Wall Street was going bust !!!

P.S. If I listed all the times the same numpty had forked up, this post would be neverending !!!!

Heyman_2

purch wrote: »

Sounds like a bunch of nobodies with too much time on their hands, desperately trying to find something to cr*p their pants over !!!

Wait a sec, I think you just described this forum :rotfl:

Generali

purch wrote: »

Yep....once some numpty (;)) booked a T/N Swap as Bank of America Frankfurt, instead of Bk of America Paris, and DEM 350,000,000 got paid to Commerzbank Fft instead of Dresdner Fft :eek:

Good job the Intergoogle hadn't been 'invented' back then, or the twitterer's would have been gossiping that a certain Bank with the address 1 Wall Street was going bust !!!

P.S. If I listed all the times the same numpty had forked up, this post would be neverending !!!!

A favourite for a massive penalty is paying cash after Easter rather than before - 5 days of interest on $x,xxx,xxx,xxx.

PS - Until a couple of years ago, a few billion dollars was a lot of money - now the US Government promises 100x that to banks or healthcare in a single announcement. Times change I guess.

purch

Lots of chatter on the net, lots of rumours

The scarey thing is, that these 'twitters' who spend all day and night chattering about things they know nothing about, don't actually require and 'real' proof that anyone defaulted.....they'll just say that THEY don't want us to know and that the real facts are being kept from the public :rotfl:

Degenerate

purch wrote: »

.....they'll just say that THEY don't want us to know and that the real facts are being kept from the public :rotfl:

...Now where did I put my tin-foil hat?

Generali

purch wrote: »

The scarey thing is, that these 'twitters' who spend all day and night chattering about things they know nothing about, don't actually require and 'real' proof that anyone defaulted.....they'll just say that THEY don't want us to know and that the real facts are being kept from the public :rotfl:

To be fair 'twas always thus. JFK was shot before the internet came along and Peter the Hermit managed to raise an army long before Bill Gates and Steve Jobs were around.

FraudBuster

Generali wrote: »

Many times each day money market trades don't get repaid. Normally it's because the trade was booked to the wrong counterparty so the cash goes back to the wrong place.

I've seen penalties of $100,000s applied because of silly clerical errors. It just happens and always will.

FSA/PN/063/2009
13 May 2009
The Financial Services Authority (FSA) has today fined Morgan Stanley & Co International Plc (Morgan Stanley) £1.4 million for systems and controls failings in relation to trader mis-marking which led the firm to make a $120 million negative adjustment in June 2008.


http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/063.shtml

Generali

FraudBuster wrote: »

FSA/PN/063/2009
13 May 2009
The Financial Services Authority (FSA) has today fined Morgan Stanley & Co International Plc (Morgan Stanley) £1.4 million for systems and controls failings in relation to trader mis-marking which led the firm to make a $120 million negative adjustment in June 2008.


http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/063.shtml

That's why in a well run company everyone pulls together to avoid mistakes. They still happen though.

My experience of banks being fined or reprimanded is that they were taking the wee. I know a little about the Nomura/Yakuza thing and also Credit Suisse not setting client money aside properly for example - both cases were just silly, bank staff being arrogant and thinking the rules don't matter.